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Rwanda Finance Ltd | Published on 19-05-2023 | Deadline 05-06-2023
TENDER ADVERTISEMENT
REQUEST FOR EXPRESSION OF INTEREST FOR PROVISION OF EXTERNAL AUDIT SERVICES TO RWANDA FINANCE LIMITED (FOR NATIONAL BIDDERS ONLY)
TITLE OF ASSIGNMENT: Auditing Firm to provide external audit services to Rwanda Finance Limited.
BRIEF DESCRIPTION OF THE ASSIGNMENT: Rwanda Finance Limited seeks to commission an auditing firm to provide external audit services. The audit will be performed to obtain a reasonable assurance that the accounts are free from material misstatement and all the performed operations are accurate and in compliance with procedures, laws and regulations. The audit will include examination, on a test basis, of evidence relevant to the amount and disclosure in the accounts. The audit will be done under Office Auditor General (OAG) methodology.
It should include an assessment of significant estimates and judgements made in the preparation of the accounts and whether the accounting policies are appropriate in the organisation’ circumstances consistently applied and adequately disclosed.
The audit will be performed to ensure that the company and its resources are well managed with a view to achieve company objectives and compliance with existing laws and regulations.
The expression of audit opinion will be based on the documents prepared and made available by the company management. The audit will be conducted in accordance with International Standards on Auditing (ISA).
Department issuing the request: Finance & Administration Department
Place of assignment: Kigali-Rwanda
Duration of the assignment: 2 months
Deadline for applications: 05th June 2023
Applications to be submitted to: procurement@rfl.rw
Contact number: +250788534810
ABOUT RWANDA FINANCE LIMITED
Rwanda Finance Limited (RFL) is the agency promoting and developing Rwanda as a leading financial destination for international investment and cross-border transactions in Africa.
Rwanda Finance Limited works with key public and private sector stakeholders to enhance the competitive position of Rwanda’s financial industry both locally and internationally. The
company advocates the highest regulatory standards and the most attractive products and services to suit the needs of global investors and financial institutions.
OUR MISSION
To be the catalyst of a safe, compliant, and probusiness financial environment in Rwanda.
OUR VISION
To become a preferred financial centre for international investment in Africa.
BACKGROUND
Rwanda sets out to become a high-income economy by 2050, driven in part by its’ positioning as a leading financial services hub in Africa.
The Kigali International Financial Center, KIFC, is developing Rwanda into a jurisdiction of choice for domiciliation and structuring of cross-border and international investments in Africa, attracting and widening the pool of financial services and products to include more regional and global actors.
ASSIGNMENT DESCRIPTION
The auditing firm’s main objectives will be to:
- Give an opinion on the financial statements of Rwanda Finance Limited, conducted in accordance with the International Standards on Auditing (ISAs), for the period from 01st July 2022 to 30th June 2023.
- Report on compliance with laws and regulations as well as value for money on expenditure incurred.
SCOPE OF WORK
The audit of Rwanda Finance Limited will cover the financial year: 01st July 2022 to 30th June 2023.
TECHNICAL PROPOSAL
The Technical Proposal shall provide the following information:
a) Company Profile: A brief description of the company including its’ expertise and an outline of recent experience on assignments of a similar nature completed in the last five (5) years, including name of client and contacts.
b) Technical Approach: auditing firms should detail their approach/methodology to fulfill the scope of work and the detailed audit plan should be clearly highlighted.
c) Team:
• Auditing firm must include details of all personnel and their seniorities who will be assigned to the work.
• CVs recently signed by the proposed team and the authorized representative submitting the proposal. Key information should include experience and level of responsibility held in various assignments during the last 5 years.
FINANCIAL PROPOSAL
The Financial Proposal shall provide the following information:
a) Auditing firms should provide a financial proposal providing itemized fees and level of effort for the team to complete the proposed activities under the scope of work defined above.
REPORTING LINE
The Auditing firm will submit a report to the Audit and Governance Board Committee as well as the Office of the Auditor General.
QUALIFICATIONS
The assignment will be undertaken by a Firm that meets the following criteria:
a) Proven experience in carrying out Financial and Compliance Audit, with not less than 5 years’ experience working with State Owned Companies.
b) Proven capability and experience of working under Office of the Auditor General Methodology.
c) Strong work experience, knowledge and understanding of international financial centers.
d) The firm must be member of the Institute of Certified Public Accountants of Rwanda (ICPAR) and having a valid practicing certificate.
ADMINISTRATIVE DOCUMENTS TO BE SUBMITTED
• Letter of Interest addressed to the CEO, Rwanda Finance Ltd.
• Valid Tax Clearance Certificate.
• Notified copy of Certificate of Incorporation.
• Notified Power of Attorney; if the person signing is different from the one on the certificate of incorporation.
• Notified copy of certificate of membership from Certified Public Accountants of Rwanda (ICPAR).
TECHNICAL PROPOSAL EVALUATION
The following criteria will be used for the evaluation of the bids:
Qualifications relevant to the assignment of a similar nature; with at least five (5) years of experience
40%
Experience working with Auditing the State-Owned Companies with at least 5 certificates of completion
20%
Experience with auditing under OAG Methodology
20%
Methodology to fulfill the scope of work and the detailed audit plan clearly highlighted
10%
Language proficiency (English)
10%
TERMS AND CONDITIONS:
The completion of all REI requirements must be in accordance with the instructions contained in this REI. Submission to Rwanda Finance Ltd of the technical and financial proposals will constitute an offer and indicates the auditing firm’s agreement to the terms and conditions set forth in this REI. Rwanda Finance Ltd is not required to accept and/or evaluate proposals that do not conform to the instructions of this REI and, in addition, Rwanda Finance Ltd may reject all proposals and not make an award.
Rwanda Finance Ltd reserves the right to make an award without discussion and/or negotiation; however, Rwanda Finance Ltd also reserves the right to conduct discussions and/or negotiations, which among other things may require the auditing firm to revise its proposal (technical and/or financial). By submitting an offer, auditing firms agree to comply with the general terms and conditions for an award, including Representations and Certifications of compliance. Auditing firms must provide full, accurate, and complete information in response to this solicitation. By submitting an offer, auditing firms certify that they have not and will not attempt to bribe or make any payment to Rwanda Finance Ltd employees in return for preference.
Issuance of this REI in no way obligates Rwanda Finance Ltd to render an award, nor does it commit Rwanda Finance Ltd to pay any costs incurred by the auditing firm to prepare and submit a proposal. Rwanda Finance Ltd reserves the right to award a contract to one organization or to issue multiple awards based on the results of our evaluation.
REQUEST FOR EXPRESSION OF INTEREST FOR PROVISION OF EXTERNAL AUDIT SERVICES TO RWANDA FINANCE LIMITED (FOR NATIONAL BIDDERS ONLY)
TITLE OF ASSIGNMENT: Auditing Firm to provide external audit services to Rwanda Finance Limited.
BRIEF DESCRIPTION OF THE ASSIGNMENT: Rwanda Finance Limited seeks to commission an auditing firm to provide external audit services. The audit will be performed to obtain a reasonable assurance that the accounts are free from material misstatement and all the performed operations are accurate and in compliance with procedures, laws and regulations. The audit will include examination, on a test basis, of evidence relevant to the amount and disclosure in the accounts. The audit will be done under Office Auditor General (OAG) methodology.
It should include an assessment of significant estimates and judgements made in the preparation of the accounts and whether the accounting policies are appropriate in the organisation’ circumstances consistently applied and adequately disclosed.
The audit will be performed to ensure that the company and its resources are well managed with a view to achieve company objectives and compliance with existing laws and regulations.
The expression of audit opinion will be based on the documents prepared and made available by the company management. The audit will be conducted in accordance with International Standards on Auditing (ISA).
Department issuing the request: Finance & Administration Department
Place of assignment: Kigali-Rwanda
Duration of the assignment: 2 months
Deadline for applications: 05th June 2023
Applications to be submitted to: procurement@rfl.rw
Contact number: +250788534810
ABOUT RWANDA FINANCE LIMITED
Rwanda Finance Limited (RFL) is the agency promoting and developing Rwanda as a leading financial destination for international investment and cross-border transactions in Africa.
Rwanda Finance Limited works with key public and private sector stakeholders to enhance the competitive position of Rwanda’s financial industry both locally and internationally. The
company advocates the highest regulatory standards and the most attractive products and services to suit the needs of global investors and financial institutions.
OUR MISSION
To be the catalyst of a safe, compliant, and probusiness financial environment in Rwanda.
OUR VISION
To become a preferred financial centre for international investment in Africa.
BACKGROUND
Rwanda sets out to become a high-income economy by 2050, driven in part by its’ positioning as a leading financial services hub in Africa.
The Kigali International Financial Center, KIFC, is developing Rwanda into a jurisdiction of choice for domiciliation and structuring of cross-border and international investments in Africa, attracting and widening the pool of financial services and products to include more regional and global actors.
ASSIGNMENT DESCRIPTION
The auditing firm’s main objectives will be to:
- Give an opinion on the financial statements of Rwanda Finance Limited, conducted in accordance with the International Standards on Auditing (ISAs), for the period from 01st July 2022 to 30th June 2023.
- Report on compliance with laws and regulations as well as value for money on expenditure incurred.
SCOPE OF WORK
The audit of Rwanda Finance Limited will cover the financial year: 01st July 2022 to 30th June 2023.
TECHNICAL PROPOSAL
The Technical Proposal shall provide the following information:
a) Company Profile: A brief description of the company including its’ expertise and an outline of recent experience on assignments of a similar nature completed in the last five (5) years, including name of client and contacts.
b) Technical Approach: auditing firms should detail their approach/methodology to fulfill the scope of work and the detailed audit plan should be clearly highlighted.
c) Team:
• Auditing firm must include details of all personnel and their seniorities who will be assigned to the work.
• CVs recently signed by the proposed team and the authorized representative submitting the proposal. Key information should include experience and level of responsibility held in various assignments during the last 5 years.
FINANCIAL PROPOSAL
The Financial Proposal shall provide the following information:
a) Auditing firms should provide a financial proposal providing itemized fees and level of effort for the team to complete the proposed activities under the scope of work defined above.
REPORTING LINE
The Auditing firm will submit a report to the Audit and Governance Board Committee as well as the Office of the Auditor General.
QUALIFICATIONS
The assignment will be undertaken by a Firm that meets the following criteria:
a) Proven experience in carrying out Financial and Compliance Audit, with not less than 5 years’ experience working with State Owned Companies.
b) Proven capability and experience of working under Office of the Auditor General Methodology.
c) Strong work experience, knowledge and understanding of international financial centers.
d) The firm must be member of the Institute of Certified Public Accountants of Rwanda (ICPAR) and having a valid practicing certificate.
ADMINISTRATIVE DOCUMENTS TO BE SUBMITTED
• Letter of Interest addressed to the CEO, Rwanda Finance Ltd.
• Valid Tax Clearance Certificate.
• Notified copy of Certificate of Incorporation.
• Notified Power of Attorney; if the person signing is different from the one on the certificate of incorporation.
• Notified copy of certificate of membership from Certified Public Accountants of Rwanda (ICPAR).
TECHNICAL PROPOSAL EVALUATION
The following criteria will be used for the evaluation of the bids:
Qualifications relevant to the assignment of a similar nature; with at least five (5) years of experience
40%
Experience working with Auditing the State-Owned Companies with at least 5 certificates of completion
20%
Experience with auditing under OAG Methodology
20%
Methodology to fulfill the scope of work and the detailed audit plan clearly highlighted
10%
Language proficiency (English)
10%
TERMS AND CONDITIONS:
The completion of all REI requirements must be in accordance with the instructions contained in this REI. Submission to Rwanda Finance Ltd of the technical and financial proposals will constitute an offer and indicates the auditing firm’s agreement to the terms and conditions set forth in this REI. Rwanda Finance Ltd is not required to accept and/or evaluate proposals that do not conform to the instructions of this REI and, in addition, Rwanda Finance Ltd may reject all proposals and not make an award.
Rwanda Finance Ltd reserves the right to make an award without discussion and/or negotiation; however, Rwanda Finance Ltd also reserves the right to conduct discussions and/or negotiations, which among other things may require the auditing firm to revise its proposal (technical and/or financial). By submitting an offer, auditing firms agree to comply with the general terms and conditions for an award, including Representations and Certifications of compliance. Auditing firms must provide full, accurate, and complete information in response to this solicitation. By submitting an offer, auditing firms certify that they have not and will not attempt to bribe or make any payment to Rwanda Finance Ltd employees in return for preference.
Issuance of this REI in no way obligates Rwanda Finance Ltd to render an award, nor does it commit Rwanda Finance Ltd to pay any costs incurred by the auditing firm to prepare and submit a proposal. Rwanda Finance Ltd reserves the right to award a contract to one organization or to issue multiple awards based on the results of our evaluation.